John Snow may be on his way out at Treasury, but what's the difference? Here's to a bang-up quarter, despite rising rates and metals prices. Silver lining for CEF.

FINALLY IT'S SPRING, AND THERE DOESN'T SEEM to be any Snow in the forecast. John Snow, that is, who the New York Times reported last week was on his way out as Treasury secretary. Previous news of Snow's imminent departure from D.C. has proven to be premature, as after President Bush's 2004 reelection, when a big shake-up of top cabinet officials seemed likely for the president's second term. But Snow remains at Treasury.

Snow's big shortcoming, according to the Times, is that he doesn't communicate forcefully enough the...